Event
January 12, the company announced that it intends to sign a 62.7 million yuan "equipment purchase contract" with Chizhou Junzhi.
Main points of investment
Sign 62.7 million equipment purchase contract with Chizhou Junzhi, accelerate the layout of new energy battery structure business company plans to sign an "equipment procurement contract" with Chizhou Junzhi to provide Chizhou Junzhi with equipment related to the high-speed production line of new energy battery cover plate, the total contract amount is 62.7 million yuan. Chizhou Junzhi up to 2022, total assets of 860 million yuan, business income of 230 million yuan, net profit of-93.68 million yuan, deducting non-net profit of-21.06 million yuan.
Ownership structure: Ningde Juneng Power system Technology Co., Ltd. holds 100% of Chizhou Junzhi, and its actual controlling shareholder is Coles, the company's controlling shareholder. Colliss indirectly controls Chizhou Junzhi through its wholly-owned subsidiary Xi'an Shengan Investment Co., Ltd. to invest in Suzhou Shengan Venture Capital. Chizhou Junzhi is a related party of the company. This transaction constitutes a related transaction. Further improve the company's new energy battery structure business capacity layout.
With the acceleration of the industrialization of large cylindrical batteries, the company is expected to fully benefit from the improvement of the proportion of large cylindrical batteries downstream on December 15, 2022, Yiwei Lithium Energy released the first generation of large cylindrical sodium ion battery products, the inner diameter of the cell is 40mm, the height of 135mm, the positive electrode is made of layered oxide material, the negative electrode is made of hard carbon, the energy density is 135Wh/kg, and the number of cycles reaches 2500. At the same time, it said that its 46 series large cylindrical lithium batteries will be mass produced in Jingmen, Hubei Province. On December 6, 2022, Vision Power announced that it will build a large cylindrical battery super factory in South Carolina, USA, planning annual production capacity of 30GWh, and supporting large cylindrical power battery production for BMW in the future. Guoxuan Tech recently demonstrated for the first time to overseas merchants two 46 series cylindrical cells 39Ah and 50Ah, with an energy density of 310Wh/kg, indicating that Guoxuan Tech has also begun to layout 46 series large cylindrical batteries. The main equipment of the company's large cylindrical steel shell production line is ready, and the connection work will be completed soon, and a small batch trial production will be carried out in the Xinxiang production base. At present, the single-line production speed of the large cylinder production line is temporarily 200 / min, and it is continuing to climb the slope.
The transformation of new energy battery shell opens the second growth curve, and is optimistic that the company's new energy battery shell business will accelerate from "shovel man" to "water seller", and the company has transformed from a can equipment leader to a downstream battery structure, opening up several times the room for growth. The company cut into the field of battery shell by virtue of unique metal high-speed automatic precision forming (DWI) process, and its automatic production line has the advantages of high product consistency, strong safety, high precision and low material loss rate compared with the existing traditional punch stand-alone production mode. It can achieve a perfect combination of product quality and efficient production, and will greatly reduce cost and increase efficiency after mass production. According to the company's fifth phase of the employee stock ownership plan, its performance evaluation target for 2025 income is 13.6 billion yuan, a compound growth rate of 92% over the four-year compound growth rate of 2021.
Profit forecast and valuation
It is estimated that the company's revenue from 2022 to 2024 will be 18.7,36.5,6.36 billion yuan, up 86%, 95% and 74% over the same period last year, and the net profit will be 2.3,3.6 and 590 million yuan, up 111%, 58% and 65% over the same period last year, corresponding to a PE of 52, 33 and 20 times. The company's new energy battery shell business is expected to break the existing competition pattern soon. The company's net profit will grow at a compound rate of 76% over the next three years, maintaining a "buy" rating.
Risk hints: the penetration of new energy vehicles is lower than expected; battery shell business is not as expected; demand for cans / lids has fallen sharply.
